Tex.
Local Gov't Code Section 293.051
Revenue Bonds
(a)
The authority may issue negotiable revenue bonds to provide funds to carry out its purposes.(b)
The bonds must:(1)
be authorized by a board resolution;(2)
be authorized by an election that is:(A)
called by a resolution of the board;(B)
held throughout the authority; and(C)
called, held, and publicized in the manner provided by Chapter 1251 (Bond Elections), Government Code;(3)
be signed by the board president or vice-president and countersigned by the board secretary, either by actual or printed facsimile signature;(4)
include the authority seal;(5)
mature serially or otherwise in 40 years or less;(6)
be payable from and secured by a pledge of net revenues from ownership or operation of authority property; and(7)
be sold at a price and under terms that the board considers the most advantageous and the most reasonably obtainable.(c)
The bonds may:(1)
be secured, in addition to the security prescribed in Subsection (b)(6), by a mortgage or deed of trust on authority real or personal property;(2)
bear interest at a rate not to exceed the interest rate prescribed by Chapter 1204 (Interest Rate), Government Code;(3)
be made callable before maturity at the times and prices prescribed in the bond resolution; and(4)
be made registrable as to principal, interest, or both.
Source:
Section 293.051 — Revenue Bonds, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.293.htm#293.051 (accessed May 11, 2024).
